Argonauts International Group CORPORATE PROFILE

Transcription

1 Argonauts International Group CORPORATE PROFILE October 2009

2 Who we are? is an independent investment boutique providing finance, advisory services, corporate finance expertise and management support, based in Belgrade, Serbia. Since 2002 we have been able to support investment projects with outstanding success, insight analysis, realistic valuation, targeted lobbying & PR and reliable documentation. Since 2007, our group includes fully licensed stockbroker company, Athena Capital AD, which is equipped for brokerage and related legal services. We are primarily focused on the wider South East Europe region (Serbia, Bulgaria, Romania, Bosnia and Herzegovina, Macedonia, Montenegro, Croatia, Slovenia, Albania). Argonauts were engaged in more than 25 projects/transactions in different roles (lead advisers, consortium members, subcontractors, lobbyists, PR advisers, etc) in total transaction value of more than EUR 450m out which 7 projects/transactions - in total value of EUR 366m were in financial services industry (banks, insurance companies and corporate finance services). In addition to providing corporate finance and advisory services we also make direct equity investments into businesses where believe suitable returns are available. As asset managers we are able to apply advisory skills to our proprietary portfolio. Contact details Uskocka 8/I, Belgrade, Serbia Tel. ( ) , , Fax. ( ) chriscbutters@aol.com and eubalkan@scnet.rs 2

3 Advisory and transaction experience ADVISORY AND TRANSACTION EXPERIENCE Kopaonik Osiguranje Serbian general insurer Sold 100% to Triglav Ljubljana for Eur 19.5 mil Argonauts provided lead advisory services to majority shareholder and arranged the sale though international private tender A banka AD Belgrade Sold 100% to KBC Group Brussels for Eur 100 mil Argonauts were mandated as lead advisor by the majority shareholder to sell through international private tender Mlekoprodukt A.D. Zrenjanin Diary company Telekom Srbija Fixed and mobile provider Bongrain S.A. France Transaction value of Eur 4,3 mil USAID Funded project in the amount of Eur 0,3 mil Argonauts performed due diligence as a subcontractor to PwC Argonauts performed detailed analysis of cost structures and developed a proposal for a new tariff system as a subcontractors of Arthur D Little USA Argonauts were lead advisor to Vektra performing financial and legal consultancy and debt recovery within a privatization process of Vektra Montenegro Kombinat Aluminijuma Podgorica Kombinat Aluminijuma Podgorica (KAP) Transaction value of Eur 62 mil 3

4 Advisory and transaction experience continued ADVISORY AND TRANSACTION EXPERIENCE Energy Financing Team Argonauts prepared a strategic feasibility study for HPP project "Buk Bijela" in Bosnia and Herzegovina Argonauts provided legal consultancy to the Government of Montenegro in negotiations with Ramco Oil on exploration of natural gas under Government of Montenegro Ramco Oil Adriatic Sea. Ministry of Economy Beograf Bukulja A.D. Belgrade Printing company Transaction value of Eur 6,7 mil Argonauts were lead advisors in the process of debt restructuring and consolidation combined with finance raising for working capital. Additionally, we were engaged to arrange of leasing for financing of new equipment. Company was sold through public auction for Argonauts were engaged to prepare the Company for privatization and were Minel kotlogradnja Beograd transaction value of Eur 4,1 mil actively involved in securing a strategic partner Energy equipment producer Atlas Group Belgrade Financial/investment group Argonauts were lead advisors to research the banking market in Russia and possible investment, which subsequently assisted Client to open the bank in Moscow Prista Oil, Bulgaria Oil producer and distributor Energopetrol Sarajevo Oil derivatives distributor in Bosnia and Herzegovina Argonauts provided full buy side advisory services, including legal and financial due diligence on Energopetrol Sarajevo, Bosnia and Herzegovina 4

5 Advisory and transaction experience continued ADVISORY AND TRANSACTION EXPERIENCE Mon Bat Bulgaria Lead batteries producer Fabrika akumulatora Sombor Lead batteries producer Serbia Argonauts were lead advisors in this transaction, providing full buy side advisory which included legal and financial due diligence. Government sold it shares through public tender San Paolo Imi for Eur 122 mil Panonska Banka A.D. Novi Sad Serbian Commercial Bank Central Bank of Montenegro Argonauts were engaged in drafting of the first Information Memorandum of the Bank in accordance with international standards and initial approach to interested buyers, on behalf of Bank's management Argonauts lobbied and arranged for the first international audit to be conducted on Central Bank of Montenegro's financial statements, three and a half year before Montenegro was admitted to IMF Telekom Srbija Fixed and mobile provider Transaction value of Eur 61 mil Argonauts were engaged in arranging a 5-year maturity syndicated loan on international capital markets. Raiffeisen Bank Austria underwrote the full amount but transaction was not closed due to the obstacles in Serbian regulations Private transaction value of Eur 110, mil National Savings Bank Serbia Argonauts prepared a analytical study on the banking market in Serbia, which served as a basis for later negotiations between key sharehlders and buyers Atlas Banka Belgrade Centrobanka AD Belgrade Private transaction value of Eur 19,3 mil Private transaction value of Eur 33,6 mil Argonauts provided strategic communication and lobbying with Central Bank of Serbia and Bank's Auditors on behalf of key sharehodler, Atlas Group Argonauts were engaged to prepare Information Memorandum on behalf of Bank's management. 5

6 Our ongoing projects and other investment opportunities in Serbia for 2010 ON GOING ADVISORY PROJECTS - WITH ARGONAUTS MANDATED AS LEAD ADVISORS Free flotation on Belgrade Stock Exchange Sellers: Consortium of 60% shareholders Takovo Osiguranje Kragujevac Serbian general insurer Argonauts are engaged to provide lead advisory services to majority shareholder and arrange sale though international private tender Tipoplastika Gornji Milanovac Plastic packaging producer Free flotation on Belgrade Stock Exchange Sellers: Consortium of 85% shareholders Argonauts are engaged to provide lead advisory services to majority shareholder and arrange sale though international private tender Free flotation on Montenegro Stock Exchange Sellers: Consoritum of majority shareholders of 66% Atlasmont Banka Podgorica of ordinary and 21.3% of oreferential shares Commercial bank in Monenegro Argonauts are engaged to provide lead advisory services to majority shareholder and arrange sale though international private tender Current investment opportunities in Serbia Jubmes banka AD Belgrade Free flotation on Belgrade Stock Exchange Yugoslav Bank for International Economic Cooperation) was established in Government as minority shareholder June 1979 as a specialized financial institution for refinancing export credits granted by Yugoslav commercial banks to Yugoslav exporters, as well as for providing export insurance against non-commercial risk. Government owns 84% of shares, public tender Internationaly well known hydro power and dams constructor with more to be launched in late 2009 or early 2010 than 50 years of experience and Eur 40 mil turnover in 2008 Hidrotehnika Hidroenergetika Hydro/dams construction company 6

7 Our Investments ARGONAUT'S PROPRIETARY EQUITY INVESTMENT PORTFOLIO Krusik Batteries A.D., Valjevo - manufacturer of industrial batteries, 89% acquired through public auction organized by Privatization Agency Hidrotehnika d.o.o. Belgrade - a civil engineering and construction management company, 86% acquired through public auction organized by Privatization Agency Athena Capital A.D. Belgrade - a stockbroker licensed by Securities and Exchange Commission, 100%, greenfield investment Atalanta Propreties d.o.o. Belgrade - a real estate trading and development company, 100% greenfield investment Credy Bank A.D. Kragujevac - a commercial bank, 7th largest shareholder, Takovo Insurance A.D. Kragujevac - a non-life Serbian insurer among top 5 in the country, 7th largest shareholder Beograf A.D. Belgrade - packaging production company, 6th largest shareholder 7

8 Senior Management Chris Butters Chairman of. He has spent 19 years in Eastern Europe and during that time he gained significant experience in investment projects, privatization, restructuring, mergers & acquisitions as well as transactions in the private sector. After the political changes in Serbia in 2000, he became the Senior Territory Partner of PricewaterhouseCoopers in Belgrade (Serbia, Montenegro and BiH). Chris had previously spent eight years in Sofia and three years in Prague and Istanbul where he lead teams working in the areas of investments, privatization, mergers & acquisitions. Before leaving PwC he was the leader in CEE for Mergers and Acquisitions. He was also involved in numerous projects in Russia, Poland, Hungary, Croatia, Albania, Bosnia and Herzegovina, Slovenia, Macedonia, Turkey and Greece. Chris is a member of the Institute of Chartered Accountants of England and Wales, a member of the Corporate Finance Faculty and a member of the International Energy Institute. Since mid-2007 he has been President of the Management Board of Krusik Akumulatori a.d in Serbia. Zoran Cicak, MSc is Chief Executive Officer of the. Zoran graduated from the Faculty of Law, University of Belgrade in At the same faculty he received his MA in Legal Science (International Public Law) in From 1987 to 1991 he was editor-in-chief in the Center for Ideas of the Belgrade Socialist Youth Alliance. From 1992 to 1995 he was professionally engaged in the political life of the then Federal Republic of Yugoslavia. From 1994 to 2000 he worked as special advisor of the president of Beobanka AD Beograd for international relations. In that capacity he participated at annual meetings of the European Reconstruction and Development Bank (London, 1997) International Monetary Fund and World Bank (New York, 1998), Euro-Mediterranean Finance Convention (Valencia, 1998), Economic Summit of the Russian Federation (Saint Petersburg, 1998), European Banks' Congress (Frankfurt, ), etc. From 2001 to 2003 he was general manager of the company Euro-Balkan Enterprise, Belgrade. He has been appointed as President of the Board of Directors of the company Argonauts Consultants Limited, Nicosia, Cyprus, by decision of the shareholders of 30 January As of 6 April 2004 he has been in a position of General Manager of the company Euro-Balkan Corporation, Belgrade. He has been member of the Management Board of Dunav Insurance a.d. (from 2008 to 2009) and Krusik Akumulatori a.d. from its privatization in mid-2007 up to present. Miroljub Hadzic, PhD is Vice President of the Board of Directors of the. Miroljub is a professor at the Faculty for Business, Singindunum University, Belgrade, and member of the council of the Center for Development of Small and Medium Enterprises and Entrepreneurship of Belgrade Chamber of Commerce. As a scientific associate and senior scientific associate, he has worked at the Economic Institute in Belgrade as of During 1990 he worked as consultant in the OECD headquarters in Paris. From 1992 to 1994 he worked in the Agency for the Development of Serbia as assistant to the director of economic and development policy. From 1994 to 1997 he has been in a position of Economic Advisor member of the team of economic experts of the Prime Minister of the Government of Serbia for the areas of macroeconomic situation and tendencies, restructuring of big companies, fiscal policy and privatization. From 1997 to 2000 he acted in the capacity of assistant, and then deputy minister in the Government of the Republic of Serbia in the Ministry of Economic and Ownership Transformation. He was specially in charge of the areas of privatization strategy, legislation and institutions, restructuring of 75 big companies and attracting foreign investments. In the period from 2000 to 2003 he was deputy general manager of Kapital Bank a.d. Belgrade, in charge of privatization, foreign investments and trade of securities, and then general manager of Kapital Bank a.d. He was also manager of the representative office of Austrian Investment Bank Meinl Capital Advisors AG for Serbia and Montenegro from 2003 to He has been member of the Management Board of Krusik Akumulatori a.d. as of June Vanja Gavrilovic is member of the Board of the the. He has been working as a Senior Manager in PricewaterhouseCoopers in period 2000 to 2006 and was engaged in numerous transactions in the region. He was one of the founding members of Advisory Group for South East Europe which was in charge for the region comprising of former Yugoslavia, Bulgaria and Albania and provided advisory, transaction and M&A support to various PwC s clients. In this period Vanja was also a member of PwC London team which was involved in restructuring of UK National Health System in In 2006 Vanja joined MK Group, one of the largest private groups in Serbia, on a position of Head of Investments and was in charge for investments, both in companies and real estate, privatizations, restructuring and all MK Group s transactions. In this period Vanja was actively participating in Serbian and Ukrainian operations and preparation for IPO of MK Group (postponed due to the financial crisis). Vanja joined Argonauts in 2009 and currently holds a position of Deputy CEO of Krusik Akumulatori a.d. and a member of Executive Board. 8